Property firm’s profit soars 700%

GREEN PROPERTY, taken private by management two years ago, saw its profits rise by nearly 700% last year.

Recently filed accounts show profits before tax came it at €79.98 million for the year to end December 2003, well ahead of the €10m it made in 2002 its last year as a listed Irish company.

Despite rental property income falling heavily over the year, an upwards revaluation of its assets and the sale of some property were behind the profits surge.